By ABUBAKAR YUSUF

The magic wand of the Lagos State Governor, Babajide Sanwo-Olu, is confirmed by the fact that two years down the line, the financial fortune, economic stability, social security and infrastructural development of the state are on a higher pedestal.

Two years down the line, the monthly internally generated revenue (IGR) has grown to a higher pedestal of 30s to early 40s, which translated to a high time generation of N127 billion in the first quarter of 2021.

This may not be divorced from the complementary role of the current Commissioner for Finance, Alhaji Olowo Onaolapo Rabiu, a financial expert of many years and an internationally recognised trainer of high repute in financial management.

This positive development has contributed immensely with a budget performance of about 88 per cent, despite natural phenomenon cum human-induced situations in the high-brow Lagos State.

It is also coming at a time the country had gone through both the first and second series of economic recession with unclear course, as well as the dreadful global COVID-19 pandemic in the first, second, and edging towards the third wave, with Lagos population prone to such phenomenon.

With concerted efforts of the state government under the current administration that nipped in the bud the negative effects of COVID-19 spread across the states, and the huge investment through management and treatment, that allowed a seamless access not only to the medication, but the vaccine and other needed action, that had controlled the spread of the disease in the high-density population of Lagos State.

Not even with the public-induced #EndSARS protest that was hijacked by criminal elements under the guise of seeking redress from injustices of the Nigerian Police, that later metamorphosed into agitations for good governance, which almost created and resulted into civil strife in Nigeria, with Lagos harbouring the chunk of the disturbance and its negative consequences that led to the loss of billions of naira.

Lagos State Government, despite the open confrontation by some sections of the population, engaged in the provision of relief measures and invested over N161 billion into human capital development and other desirable infrastructural development, towards a better life for both residents and visitors to Lagos.

This is in addition to re-jigging other components of governance in the state that had multiplier effects on both the social, economic and infrastructural development of the state.

With Onaolapo at the helm of affairs in the Finance ministry of Lagos State, the high GDP had subsumed the debt profile of the state in the last two years as the debt sustainability rate hovers around 40 per cent; far above the performance that is between 23 per cent and 24 per cent in the years under review.

This is coming at a time the state government is also rolling out the bond drum of about N100 billion meant to create assets through infrastructural development, partnerships initiatives and a well-thought policy statement and action that will ensure the betterment of ordinary Lagosians in all areas.

The decision of the state government was farther from debt portfolios of many states of the federation that will ordinarily derive pleasure to offset salaries and payment for services that had no multiplier effects.

But the good things about Sanwo-Olu’s administration, if the need to incur debt arises to close infrastructural gaps with social relevance and development, the urge and desire will be needed on the long run, guided by its policy of transparency and accountability in line with its fiscal policies.

For Lagos, its last resort is to go hand cup borrowing, as efforts are being intensified through its various outlets to create wealth in all ramifications, in line with the prevailing situations, hence the slogan of Lagos being ahead of other states of the federation.

With good hands and policy dynamism under the current administration, the tendency for astronomical increase in the second quarter of its IGR, and likely jerk up in the last quarter of 2021 will impact negatively on the lives of ordinary Lagosians.

This will translate to bumper opportunities in the next few years build-up towards the third and the fourth year of the present administration, under the supervision of the indefatigable governor and his relentless team in line with the best practices world over.

The transformation policy of Gov Sanwo-Olu would have hit the highest pedestal of success and achievement towards the diversification of Lagos economy in line with the dynamics of the developed and successful world economies in recent time.

This feat was achievable with the prudent management of resources under the direct supervision of the Lagos Finance Commissioner, Alhaji Onaolapo for two years running.

•Yusuf, public affairs analyst writes from Abuja and can be reached on: yus.abubakar3@gmail.com

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